Disclaimer: This information is for educational purposes only. It does not constitute legal advice. Consult a licensed attorney in Nevada for guidance specific to your situation.
Detailed Answer: Intestate Asset Identification and Distribution in Nevada
When a Nevada resident dies without a valid will, the court follows the state’s intestacy statutes to identify, inventory, and distribute both real property and personal assets. The process generally involves three steps:
1. Appointment of a Personal Representative
- Interested parties petition the probate court for letters of administration. (See NRS 145.010.)
- The court issues letters to the personal representative (PR), granting authority to marshal estate assets.
2. Identification and Inventory of Assets
- Real Property: The PR obtains deeds, title searches, and county assessor records to list all real estate owned solely by the decedent.
- Personal Property: The PR compiles bank statements, investment accounts, vehicle titles, household items, and digital assets.
- Within 90 days of appointment, the PR must file a detailed inventory and appraisal with the court clerk. (See NRS 145.120.)
3. Distribution of Assets Under NRS Chapter 134
After paying valid claims and administrative expenses (per NRS 146.020), the PR distributes the net estate according to the decedent’s family relationships:
- Spouse Only, No Descendants: The surviving spouse inherits the entire estate.
- Spouse and Descendants:
- The spouse receives all community property and one-half of the decedent’s separate property.
- The decedent’s descendants split the remaining one-half of separate property.
- No Spouse, With Descendants: All assets pass to the decedent’s children equally.
- No Spouse or Descendants: Assets flow to parents, then siblings, then more remote kin as outlined in NRS 134.020.
Real property transfers occur by filing a new deed with the county recorder after court approval. Personal assets transfer via direct distribution or sale followed by disbursement of proceeds.
Helpful Hints
- Start gathering deeds, account statements, and titles promptly after appointment.
- Meet the 90-day inventory deadline to avoid court sanctions.
- Keep beneficiaries and heirs informed about probate milestones.
- Consult a Nevada probate attorney for complex estates or contested claims.
- Maintain organized records to streamline the final accounting and distribution.